Hello traders, today I am gonna share a NASDAQ update with you guys. This is my first ever update on NASDAQ and I am super excited to share this valuable information with you all.
Timeframe: 1 Day.
Description: Nasdaq is the second-largest stock exchange in the world. Nasdaq, which is an acronym for the National Association of Securities Dealers Automatic Quotation System, was established in 1971. The US-based exchange is also the first-ever electronic stock market in the world.
Update: Back in Nov 2021, when NASDAQ hit its ATH at 16767, we saw some drastic fall on NASDAQ. A straight -33.6% drop in the last seven and half months. NASDAQ has been under the falling wedge pattern for a while and in the recent move when NASDAQ got rejected from the resistance level of 12200 (Lower High), it did not make any lower low level, rather the candle closed above the previous lower low level (11068). This could be a sign of trend reversal where the falling wedge will turn into a rising wedge pattern.
RSI: The RSI on NASDAQ has been below the level of 50 for quite a while. It has been constantly getting rejected from the middle level of the RSI keeping NASDAQ under the oversold area.
Conclusion: If NASDAQ manages to reverse the trend then I expect a bullish rally to start soon. I am expecting a 60% rally if NASDAQ breaks above the resistance level. The yellow-colored lower trendline will be the invalidation point for NASDAQ.
Note: This chart is completely based on technical analysis. It is not a piece of financial advice. So, do your own research before investing.
What are your views on NASDAQ? Do you think NASDAQ is ready to make a bullish rally? Let me know your thoughts in the comments.
I hope this idea will be helpful to you. If you agree with this idea then do like and comment.
Brilliant. Wedge posted 4 hours after I posted mine. Wonder where you got this idea?
Dexter_The_Trader
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@Skipper86, where did I get this idea from? It was my eyes that saw the chart, my brain that did the thought process, and my hands draw the chart.
We are technical analysts, my friend. We draw the trend, find out the best possible outcome, and wait for the market to play.
Skipper86
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@Dexter_The_Trader, The wedge existed for 6 days and you posted your idea 4 hours after mine. It's fine, I didn't copyright the wedge. We're traders, we get ideas from each other. I did not come up with the wedge idea myself to be honest but I didn't see a wedge post in the ideas page so I created one.
Dexter_The_Trader
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@Skipper86, my friend, if you're thinking that I copied your chart then it's a mistake.
m3t4lz0n3
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Guys its ok..lets not come to conclusion who copy who..bottom line we as retail traders against the institutional. Keep the ideas flowing for the community ! keep up the good work !